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[quote=Anonymous]After the active hurricane period of the mid-2000s, many Florida homeowner’s insurance companies switched to a reinsurance-heavy strategy.

This was bad timing because Florida went the next decade without any major hurricane strikes. During this period, the insurance companies would have been able to save lots of money, but they missed out due to switching to a reinsurance-heavy strategy.

After a quiet decade, the last few years have seen numerous major hurricane strikes. The insurance companies are completely reliant on reinsurance because they didn’t save money during the good years.

Over the past couple of years, rating companies have been downgrading numerous Florida insurance companies so they can no longer qualify for reinsurance, putting them out of business.

Millions of Floridians have been receiving notices that their insurance is being canceled right before the beginning of hurricane season. And there is no replacement, other than Citizens.

This isn't just the rich people who live on barrier islands. My 1000 square foot concrete block house, with a new roof, located 30 miles inland, lost its coverage and was uninsurable anywhere but Citizens. [/quote]

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